Ripple Stellar and Canton Private vs Public Blockchains Who Will Dominate? Addressing Misconceptions

0:00 Hello everyone. So glad to be back with our brother in the space, Smoke. We're going to jump into some material that we have and why it matters to you. And it's the topic of basically Ripple and Canton, private versus public, addressing common misconceptions. So without further ado, glad to have you back, Smoke. How are you doing? What do you have for us today? >> Thanks for the invite again, Max. I'm glad to be back and um I'm doing well. And um we have a presentation today. I would just like to make it extremely clear before we start this presentation today that me personally I'm not against any projects or any crypto um networks specifically and this conversation is meant to be explicitly educational and just to break down any misconceptions or many or any misunderstandings that the

0:45 average investor may have regarding the XRPLEN network public versus private blockchains and most importantly what what those institutional investors believe regarding the public versus private blockchain policy and I hope that everyone gets concern that they need after this um after seeing these documentations and what they are presented here today as they are they give a pretty accurate insight onto what Smart Money believes regarding the future of mainstream blockchain adoption, mainstream blockchain adoption and whether or not that's going to be based on private or public blockchain networks. So without further ado, I'm just going to share my screen and we'll start the presentation again just starting off with the benefits of public blockchains versus private networks. Start starting with the first highlighted portion. It says, "Benefits of public blockchains increased transparency and instant redemptions recognized by the market." And if you

1:30 look down on the right, this is a quote from Grayscale. Public blockchains can be considered general purpose technologies with many potential use cases ranging from payments to video games to digital identity systems. And over here, this is the CEO of Securitize, a pretty household name regarding blockchain in the blockchain industry. And here's a direct quote. I don't know anybody that uses a private blockchain if they have the option to use a public blockchain. And again, these are all just direct quotes from institutional investors and industry experts that work directly with the technology. When you move on to here, this is the CEO of Appto Labs. After more than a decade of development, blockchain technology is finally ready for large scale and sophisticated financial use cases. Private blockchains are concepts of the past and adequate use of public blockchain technology is the key to unlocking the future of open finance. A pretty powerful quote. If you

2:17 go over to here, there's an entire documentation dedicated to the conversation of public versus private blockchain networks. If you go down here from influential figures such as Franklin Tumbleton have stated Franklin Tumbleton has played a key role in these regulatory conversations, including working closely with the SEC and European regulators to ensure that his products meet high standards for resiliency and transparency. When asked about the contentious issue of private versus public blockchains, Crossley is unequivocal. Public chains are the future. They offer transparency, security, and communitydriven innovation. Private blockchains can be useful, but they're really just permission databases with a blockchain veneer. The real benefits acrew only when the infrastructure is truly decentralized and programmable. So that's clear positioning from Franklin and Templeton an influential industry in

3:05 influential um business in the space regarding implementation of blockchain and interacting with regulators where you can clearly see they're choosing a clear position regarding public versus private blockchain networks. And moving on, public chains offer a massive uplift in composability, interoperability, and inclusion. They lower the barrier to innovation. Private chains may feel safer, but they risk creating silo pools of capital and gatekeepers. That's not the right long-term outcome. And if you look at the bottom, but if you want to capture the flywheel effect where innovation builds on itself, public chains are more promising. Pretty straightforward as well. Moving on, private chains offer more control. However, public blockchains provide faster interoperability, although less

3:51 control. Here, firms are recognizing the trade-offs. Private chains offer control and security while public chains can deliver transparency, scalability, and interoperability. Down here, but the firm is actively exploring where public infrastructure might play a role, particularly as industry collaboration deepens and regulatory clarity improves. And here, not just industry opinions, not just um theories regarding public versus private blockchain implementation, the data also reflects that public networks are winning over private networks. So this is recent data from 2025. As you can see up here, this is from DOT in the real world. Isa, Essential, Brawl, Ridge, and Taurus all contributed to this report to explain the difference in adoption versus private versus public blockchain

4:37 networks. And as you can see here, plan blockchain types for projects in 2025 last year. Majority were public were public blockchain networks. As you can see at the bottom, orange 43% and it's it grew over time from 31 24 to 43% in 2025. And if you look over here to the use of private blockchain networks by segment, private blockchain usage is decreasing. Moving on to here, public blockchains. Upon large scale adoption, all money and contracts will likely migrate onto public blockchains that enable and verify digital scarcity and proof of ownership. A pretty bullish statement regarding public blockchains. And we're also seeing where private blockchains are not mentioned here. One specific area that merits attention is the use of public

5:22 permissionless blockchains by banks. Other jurisdictions have allowed banks to interact with public chains for years, for many years, but the US banking agencies have effectively prohibited it. This is an important quote here as the difference between interacting with public blockchains versus not interacting with them has always been regulations here in the United States. In banks, one of the largest movers of value have been effectively prohibited from interacting with public blockchain networks like the XRPL, Hideera, Stellar, etc. And when they are finally given the permission to interact with these networks for the first time once regulatory clarity is established that will be a massive gamecher as a result of the increased um scalability interoperability that private blockchains simply don't have. And currently many blockchain implementations are done on private networks and once public uh blockchain usage is allowed by regulations there

6:09 will be a large scale implementation of scalable blockchain products for the first time. And here this is directly from Deote one of the leading one of the um top five audit audit firms in the world given their perspective on public blockchains. Here it says why is it important to reconcile your company's books with public blockchains? Public blockchains provide transparent immutable records of all transactions if your company's internal records that don't align with the blockchain and may indicate discrepancies, errors or even potential fraud. Highlighting the need for for reconciliation to improve accuracy, compliance and trust. So this is one of the again leading a um audit firms in the world. given their perspective and their positive affirmations regarding blockchain networks. And as we can see, public blockchain networks is their um the blockchain of choice versus private blockchains. And as you can see here,

6:56 and this is not any sort of again, not to put down Canon network, but given everything that we just read about private versus public blockchain networks, there will be use cases for private networks. and Canson is declared as a private network. But as we can see, there's clearly not a a um looming threat of private networks displacing or replacing the use of public blockchains. If you move over to here, the XRPL is a leading public blockchain. The Hideera Hashgraph public permission blockchain is currently being used to tokenize digital rights in the UK. This is a press release that um essentially explained how the Hideera public blockchain participated in the UK's first use of digital assets with Lloyd's bank, Loy's banking, Everdine investments and our checks as well. But

7:43 this also goes to show that public blockchains are being implemented in real world use cases including the Hideera Hashgraph and even here this is the documentation from the OMF public blockchain working group driving public blockchain integration and banking. Of course, we have public blockchain companies like Hideera, Ripple, Stellar, ISO compliant companies as well leading this charge of driving public blockchain adoption within the banking sector. This is also a recent documentation from Canary Capital. What investors should watch in 2026? Financial infrastructure. Public blockchains like the XRPL emerging as dominant financial services rail and Hideera leading enterprise infrastructure. And even more interesting under here, it says expect upside divergence from Bitcoin. that goes to the concept of decoupling.

8:29 That's a term that's that's used pretty often, but we're seeing this being explained by institutions on what we should look out for in 2026, and that's public blockchain networks actually decoupling from Bitcoin as their business use cases become uh prevalent. But even there's even a highlighted portion for privacy assets like Canson as the conversation around privacy becomes more prevalent over time. There will be a use case a niche use case for private networks as security and transparency regarding private transactions become a increasingly u more serious concern over time. However, as we've seen with the documentation just presented, there's not really a threat from private tokens for over um the native assets of public networks. And even to address the concerns around privacy, the Ripple network in

9:14 combination with the intleledger protocol addresses that privacy and transparency concern as well. As we can see here in the second bullet point, it says what banks are concerned about transaction privacy. Public/share ledger ripples addresses all the above including transaction privacy. If you see can see here, this explains how exactly the intellig protocol addresses that common concern from banks. The current Ripple network would not be the same without the intelligent protocol. Banks may use Ripple and this protocol to benefit from infinite scalability and total transaction secrecy. So, not only does the intelligent protocol allow the public XRPL blockchain to scale infinitely, it also provides total transaction secrecy where necessary for banks and retail investors alike. >> All right. Well, thanks for sharing that, Smoke. You know, a couple things that I gathered. So is a lot of mention

10:02 about things like uh what's programmable. You know last time you and I got together we talked about quant network. We talked about some correlation to uh ripple with you know internet of value internet of trust uh the concept of a unified token layer because the documents literally share that um and all these concepts are really worth pointing out. You know, one thing that gets mentioned a lot with quant especially, I know we're not doing an outline of quant, but uh they they talk a lot about obviously, you know, programmable money. Again, so much programmability you mentioned in the documents about uh or even just from your own perspective, you know, the silos and the wall gardens. I just look at all the terminology like it all makes sense. Uh public versus private. Again, even Gilbert Vernia Quant network puts a lot of emphasis on uh obviously

10:48 interoperability. Usually when people think interoperability, I mean a lot of times people, you know, think of like quant. Um, so you did a great job explaining the difference obviously between public and private. I do feel as though that we should jump into some of this Canton uh business, if you will. I'm going to share some key things with you guys as well. I'm going to get some uh the two cents uh from Smoke and his perspective. So we're going to pull some things on the screen. Uh some of it's going to be cited straight from Canton. You're also going to see some key documents and then there's going to be one part where we'll show a little video clip of the RLN regulated liability network because as we known when it comes to Canton they were definitely a participant in the regulated uh liability network regulated settlement network but from the US side of things and we talk about things like swift right so let's pull this up I'm going to

11:33 present this on you guys' screen as well we're going to start right from the canton network so uh as we see here basically speaking you have this and what is this all about? Well, if you were to go to canton.network, they immediately highlight DTCC and there's been a lot of news lately about that. Myself, smoke, many other people have been covering the whole thing of DTCC, right? Uh even from the Zbec side of things. We saw for example Simon Bobby, he he literally met Aden Shakar and it's like everybody wants to get involved with DTCC and there, you know, for a reason. So as you see here, DTCC and digital asset partner to tokenize DTC custody custody, excuse me, US Treasury SEC uh securities on the Kayon network. This is something that's always really stand stood out to me when it comes to Canton. Again, the whole idea of this

12:21 composer X, Canton's interoperable privacy preserving layer 1. And again, all coming together for target 2026. We're in 2026 institutional ready. And again, even on a basic search, if you're wondering what the use case is of Canton, we're going with a uh basically a privacy preserving layer one, but we're also looking at like the institutions and more importantly privacybased. Okay, that that is significant. The other area I want to jump into is to share this uh we did talk a little bit about Quant earlier. So again, this is why I'm kind of connecting some of this. Um shout out to our brother space quant papa. I don't know how you get some of this information but even in some of these emails you see for example uh for SATP uh excuse me Canton network was highlighted in the secure asset transfer protocols uh the talks of that and so on and again they site some of the relevant

13:08 sources the Canton white paper and so on um and again the next part we're going to jump into is actually from a real document this is from this particular Canton coin responsible approach to digital tokenization this is page one of nine and again you see the terminology ology a responsible approach to enhance interoperability. Again, kind of like what smoke was pre uh presenting earlier. You have this whole thing of the participants and they specifically mentioned this thing about uh this decentralized synchronizer technologies. It's literally called a global synchronizer. So when we get further into this outline, I'm going to share some key uh clippings from documents and if they definitely want to get uh Smokes two cents on this again utility token called Canton Coin, we know that's called CC. Um, a little bit more about

13:54 the global synchronizer being deployed by market participants only after digital asset has spent 10 years developing it. In fact, a lot of you guys are aware that Canton has existed for a while, but they have never went public with an actual coin/token, right? Which is a CC token. Um, so this has been in the making for the longest longest time. We also see down here you have the whole thing of a reference to uh the governance and of course Linux Foundation. We know that when it comes to was it LF decentralized trust that was formerly known as I believe the hyperledger foundation um all these terminologies are worth referencing we'll get back to that in a bit the other thing I want to jump into is basically the concept of a network of networks you know smoke something that quant network boasts is they're a network of networks and again I'm not

14:40 saying that Canton obviously it's the same use case as as quant network because they're not but again it's interesting to see that they too according to the documentation Page three and nine of this PDF mentions it is important to emphasize that Canton network is simply the universe of parties running DAML applications are connected to each other through the Canton blockchain protocol. The Canton network is not a single monolithic network but rather a network of networks and by third party applications. Even quant network does what? They leverage thirdparty applications with what is referred to as MDAPs. So for me when I saw a lot of things popping up smoke and everybody else when it comes to uh not just networks but like the participants especially with regulated liability network I kept seeing canton pop up and of course they've been making a lot of headway. Um another thing they point out

15:25 here is the illustration and they point out canon networks application centric interconnected network of networks architecture. That's a lot to get into the regard to the to the architecture but obviously uh it basically covers so many things. Prime brokers. Um, immediately when I think of Prime, you think of things like Fireblocks, right? And again, smart contracts. We know that Quant Network does some of these smart contracts, too. Uh, here's some quick clippings. I'm go I'm going to fast track through this. So, one of the main emphasises on this is going to be BNY Melon. Smoke has been covering a lot about BNY lately. Says BNY Melon participated in the Canton network pilot. Again, it was also a Canton participant in the US regulated liability network and of course run by the FRB of New York, Federal Reserve Bank of New York. And at the time I believe that was 2023 US as a United

16:10 States RLM phase one boom Canton network. Um here's an actual uh page we're taking you we are taking you to. This is the bnymelon.com corporate page. BNY extends digital cash capabilities for institutional clients. Recent report by the way this was January 9th 2026. So again not that long ago. And basically speaking as I jump down to it what about the mention of Canton? You have Yuval Ruse, co-founder, CEO of Digital Asset says, quote, "At the time, we welcome opportunity to work with BMY as they advance as a practical institution ready approach to tokenized deposits, bringing deposit balances onchain, make asset mobilization more efficient, and unlock liquidity across key workflows. This direction aligns closely with our strategy for the Canton network,

16:55 supporting privacy enabled. Again, that focus on privacy, get onchain, infrastructure solutions, so on so forth." And again, it's trust that inter under underpins global financial markets. So, we're going to pause on that note for a bit. I want to get your two cents on this. Let me just go ahead and unshare this for just a brief moment. Um, because I I do feel as though this is also obviously worth sharing. And if anything, give me a second to pull that off. So smoke the way I look at it is when we look into some of this uh again I you know a lot of people who follow you even myself a lot of mention recently especially with BNY like we're going to tokenize all you know the entire stock market and so on but then I see canon there I understand the perspective you bring in regard to privacy versus public but I would like you to address if you don't mind a little bit of this topic of global

17:41 synchronization of course their role with BNY specifically of course Canton >> I appreciate you sharing this documentation It's extremely revealing especially to viewers of this and this conversation. But first and foremost, I would just like to you know um repeat that privacy is important. It will be more important as we move forward as blockchain technology is an inherently transparent technology and solutions like canon will be necessary in certain aspects of um this transformation. And essentially a lot of the again the documentation I shared to you guys was just to expose some of the myths and misunderstandings versus private versus public blockchain networks and how in the long term all the money will eventually migrate to public blockchain networks as that's where the scalability and the interoperability will lie will be in um public blockchain networks. However, as we can see here, there's certainly a a need and a necessity for

18:29 private networks like uh Canon and um again with the documentation that I showed, there's plenty of um eyes on private networks even moving into 2026. And that's why we're seeing mentions of privacy networks, even the likes of Zcash and Monero. That's certainly a niche regarding crypto adoption, crypto use cases and utility. However, when looking at the big picture, understanding that true interoperability um between networks utilizing solutions like the inledger protocol which works with hyperledger and quant and overleled ledger, that's where most of the value regarding um blockchain settlement transactions, crossber payments, tokenized assets, that's where majority of the value will settle. However, outside of that, within privacy, private networks between different regulated entities where privacy is paramount,

19:14 that's where networks like Canon would dominate. And again, I just want to repeat to all viewers that networks like Canon do not threaten public blockchain networks and vice versa. The ultimate goal is for these networks to work together. But as an investor, you should look at where most of the value will settle. And I believe and institutions believe as well that that's in public blockchain networks. >> Yeah. Yeah. No doubt. I mean, I look at like a lot of this stuff is complimentary. I'm consistent on uh my holdings. I still have XRP and Q&T type for my number ones. We're all a little bit different when it comes to that, but we do have common ground recognizing uh the dominant forces when it comes to uh transferring value. Uh the next part I want to jump into smoke is uh a little bit more as far as these clippings just to kind of establish the saying goes a paper trail if you will. Um we're going to pull this up on the screen now. Again, big shout out to Quan Papa for

20:01 just some of the clippings. I really do appreciate your time, sir. We see here city. Okay, so what we see specifically here is some good things to share. City settled the first trade on the HKEX uh Synapse platform uses Forana. If you guys seen my original deep dive, we got really deep into the whole thing of Versa and was a Canton participant in what the United States Arlland pilot run by the Federal Reserve Bank of New York. We also know that Gilbert Verdian, if you go to gilbertverdian.com, he has what? he has basically uh ties to the you know the Federal Reserve task force and he's still sitting as a chairman on some of these roles still and it's just always interesting seeing some of that common ground. If you don't believe me go to goverian.com/cv and see it for yourself I share it numerous times. I don't want to put the focus on that because again this is not

20:46 quant video but again city was who they were the host of the regulated liability network. We don't want to dismiss that. Um the other area we're going to jump into is this right here. You see for example HSBC we know about HSBC and Ripple. So again back to what SMU was talking about the common ground and again the whole thing you have even Canton it's worth sharing we're pointing out because of who daml enterprise that's the key that's the plug uh Mastercard I'll show you some key things here we know about Mastercard the MTN we know about Mastercard basically when it comes to specifically their integrations with Hideera um and numerous others right it's just uh you know worth pointing out as well they're part of the United States RLN and again uh they have some of these pilots run by the Federal Reserve Bank of New York using who canon where for the movement of funds between the Fed and Interbank Ledger was tested using fully deployed Canton network. So

21:32 it always bugged me that they were part of that mix. PNC Bank, same example. Uh and again using interbank ledger tested using fully deployed Canton. Uh we also see Sullivan and Cromwell LLP. These are all worth point out. Now this part about Swift, we'll put a little more emphasis on this. Um I know a little bit I'll get some of your take on this but you see here obviously swift participant in the US regulated liability network obviously and again same concept that we mentioned before tested using fully deployed canton network that is we're sharing uh TD bank and of course the New York innovation center at the Federal Reserve Bank of New York again same examples uh you guys could all look this up if you want just taking some clippings from the actual document that we uh referenced earlier US bank so on so forth wells Fargo even has integration with the quant network I've done a deep dive on this before on my channel go to com. You

22:18 see the integration with Overledger. Always interesting to see some of this. Now, what we're going to do is we're going to take you over to this right here. And let's just double check that you can see it. All right, you can. Um, I think this has only been shared maybe once or twice for myself, maybe some other researchers and so on. Um, but whatever the case be, this is the RSN industry briefing and I've gone ahead and fast forward to this key area. We're going to play maybe two, three minutes of this, give or take, get some key insight from Smoke and then tie the rest of this in for you guys. really appreciate you guys' time. Again, hopefully we earned it. So, if anything, consider liking the video, share it, especially if it's on X or YouTube or where you're getting the information from. Going to full screen this. And again, why point this out? Did Smoke not mention Deote? He did. So, this is a key

23:04 person from Deote. Pay attention to what's going on here. Here we go. Um, I thought that the the uh decisions about what was in, what was out, um, you know, the the focus, uh, and then the premises that we had about, you know, what we were trying to prove came together pretty quickly. Um, I think it was always aided by the fact that this wasn't live and it was done, you know, basically in a sandbox. That always makes my, uh, my compliance people happy when we're talking to them in the beginning. Uh, but uh, but the execution of this, at least as a PC, I think was uh, was fantastic. When you think about um some of the ration that that were laid out about what we were trying to prove, uh you think about um the fact that we can do um you know settlement on a a DT with multiassets which is was

23:51 what we proved the >> All right, I want to comment on this for just a brief moment. So we're going to keep that on the screen. So you see right there regulated network the RSN United States PC right proof of concept at that time. You see basically speaking that at the particular time of that participation you had a payments layer that included an interoperable network of tokenized central bank deposits tokenized commercial bank deposits and select tokenized securities to facilitate multi-asset and cross network settlement within a shared ledger financial market infrastructure. By definition, my friend smoke, we have already studied this stuff and we know basically speaking to me personally, it almost matches to the tea what Augustine Carson's and the bis mentioned as far as the fernet and look

24:37 at who's the working participants city who hosted the RON you have the US bank you have JP Morgan you have swift TD bank will all those ones highlighted obviously Canton but even the contri uh contributors BMY that we have high highlighted DTCC broadidge etc., etc. So, before we continue with this, I just kind of want to get some of your thoughts because you did mention earlier uh specifically Deote. >> Yes. I would say what stands out to me in this um document here and this is what our viewers can take from a big takeaway from this is if you look at the bottom section, it says PC scope and if you look on the left side, it says um what was in scope within this in this PC and it's tokenized US treasuries, tokenized central bank deposits, tokenized commercial bank deposits. These are the targets of the can network

25:22 as a private network. These are um asset classes that would require some sort of layer of privacy and security regarding the transaction between regarding transaction between two regulated entities such as commercial banks or central banks. And on the right side it says out of scope and on out of scope this is clearly things that were not included inside this PC are public blockchains cryptocurrency stable coins, CBDC's. These are aspects of the blockchain universe that requires scalability, interoperability, and um a sort of guarded transparency that only public permissionless blockchain networks can provide. And I also have another documentation that kind of wraps this point up if you don't mind me sharing this. >> Go for it. >> Just to understand the roles of public versus private blockchain networks. And as you can see here, here it says two worlds converging. Connect tread 5 to D5

26:09 to unlock the real world asset opportunity. You can see in the middle it says it is time to directly connect the public and private networks. After all, the major public layer ones now offer transaction finality high quality Byzantine fault tolerance and have stood the test of time. That's very important. Remember that term high quality Byzantine fault tolerance. Down here it says specifically it would immediately unlock the possibility of true atomic transaction between regulated assets on permission networks. These are private networks and high quality stable coins on a public network. So these are public blockchains like XRPL, Stellar facilitating higher quality settlement options for regulated networks and driving demand for even higher quality settlement assets on public networks. So there's high quality settlement options on private blockchains. However, having those same tokenized assets, those same

26:56 options available within public networks, it creates a demand for even higher quality settlement assets like the XRP ledger like the XRP asset on the XRP ledger or XLM on the stellar network. And the last highlighted portion says and going further by anchoring these private networks to public networks. It would then be possible to seamlessly bridge assets from one to another. So that just essentially outlines and illustrates the relationship between private and public blockchain networks that private networks will essentially anchor two public blockchain networks to take advantage of their scalability and interoperability while still facilitating private transactions for regulated entities. And if you move over to here to the next slide, just remember this uh sentence up here. It says after all the major public blockchain layer one public layer ones now offer transaction finality high quality Byzantine fall tolerance and have that stood the test of time. Which public

27:41 major public layer ones are they referring to? Ripple and Stellar which all use a variant of the Byzantine fall tolerance which is the most secure um most secure setup for a blockchain network regarding uh security and um scalability. So looking for federated Byzantine fault tolerance consensus models. That's the most secure uh consensus model available in the blockchain ecosystem and that's what they're referring to here. The major public ones that have stood the test of time. >> Right on. Thanks for sharing that. We're going to share the last bit of some clippings that are from real documents uh before we wrap this up. So uh again, appreciate what you just shared there. Smoke kind of pounds home this whole thing of public versus private, who would be the dominant ones and so on, right? Uh let's pull this up. So, we

28:28 just shared this. We're gonna now jump over to this. This is a clipping from videos like this and so on. This video that you're uh basically viewing, it's a little lengthy. So, let's just get right into what matters to you. So, we see here is in this figure, the MTN with Swift integration. Again, Mastercard MTN, right? So, you see uh Canton node, bank A, bank B, RSN, FMI, and you have this thing called the Swift connector for transaction manager simulator. Uh again, why I point this out is because Canton network has what is referred to as the global synchronizer. Okay. Uh the other thing I want to jump into is to highlight a little bit more about this. And of course, I share this in original deep dive, but we understand there's a whole new wave of new people that view our materials. So again, we welcome you. Um again, direct RSN connectivity model

29:14 and alternative setup where the MTM platform directly integrates with a Canton native API using ISObased message structures. So don't ever forget about the whole concept of the message structures. I mean obviously ISO 222 would dominate that going from MT to now what's mandatory with MX. Uh we also see here that we have MTN with Swift integration. We have the Canton node, the Canton HTTP API and of course even the connection to Mastercard MTN. Uh here's another one is about partitions. I know this is kind of nerdy but just hear us out. Uh they're hosted within a single Google Cloud Platform. you have this thing is called GCP and if anything it's a project which also house the artisan FMI components and what the canton domain and again you see the architecture the orchestration the

30:00 participant nodes and again right below that you have what is referred to as the canton domain so when you think about that it's like some people point out they're like yeah it kind of looks similar to how quant does their model except for this is bottom up instead of um top down with the overd again understand is not a direct competitor of quant network has a different role with a lot of emphasis on privacy compared to the quant network which literally leverages basically everything. I mean, we've seen a lot of integration with pipedream.com, three uh lines of code, make.com, zapier.com, and a lot of those things you see listed with the API orchestration. Those aren't even really blockchains, right? It's just basically leveraging all those technologies and that that's big in itself. I just wanted to highlight that as well, just kind of show you an example. Uh to me, this is basically the actual global synchronizer

30:48 because we did bring this up. This is how it's all orchestrated. Again, we already talked about bank A, bank B. I mean, that could be numerous things, but it's funny to see the whole thing about Fed cash. Again, we know that uh Canton is going to stand out as far as those uh tokenized uh US treasuries and securities and so on. But then you see the FMI, the sequencer, the mediator. Again, by definition with what you see here is literally the global synchronizer. And again, uh you see here basically speaking from Canton. A little bit more about this before we wrap it up with smoke. Uh we see from digital asset uh what was pointed out in the uh documentation. digital asset was chosen as a software provider for the regulated settlement network PC. So don't forget that again developing a system on their network solution and boom Canton network using DAML smart contracts. Um and again

31:33 it's a language that utilizes the enablement of the RSN settlement venue and when people see that whole thing of the settlement venue they think huh okay uh Canton versus um you know Ripple but again go back to what Smoke just talked about no not necessarily because you're talking about public versus private. on this. Let's pause on this. Let's address that because we want to address some misconceptions, smoke. So, what is your thoughts in regards to some of this? Because let's face it, some people they'll see that at face value and be like, "Oh, well, you know, Canton could do the same thing as far as settlement that, you know, compared to Ripple, but it's clearly not the case." >> I agree. And again, I would just like to repeat this is not to promote any sort of tribalism. I don't believe in putting down any networks. Clearly, both networks are going to be successful in their own right. Understanding where these networks fall on the value on the

32:19 tech stack is important. Understanding where value is going to flow, the necess the necessities of public versus private networks. And also understanding how they work together and remembering that public networks allow atomic settlement, interoperability transparency scalability. These are just things characteristics that the private networks like canine simply don't have and institutions are aware of that. This is why canton's often used in PC's and experiments and even in private um in scenarios that require privacy. That's where the cancer network will be deployed at for global scalability for global interoperability networks ISO compliant networks like the XRPL um stellar blockchain ada quant these are networks that are um positioned for scalability in mind and to work with private networks not ignore private networks like the cancer network but

33:05 having something like the insulator protocol a lightweight internet based solution for global infinite scalability that's something that the XRPL and ripple has that the cancer network and um digital assets the holdings simply um they're not equipped with. So understanding their strengths and weaknesses and the pros and cons of each is very important as a professional investor moving forward in this space. >> Absolutely. Uh we're going to now jump into this right here which basically is tacet. I did highlight tacet earlier on a clipping from the uh canton network. So I definitely want to highlight this for just a brief moment. In this figure four you see cross network correspondent bank settlement highle design. It's a little illustrative design that you see here for the RSN FMI in regard to that reference that we had for Fed cash

33:50 partition uh partition. You see the Swift transaction manager simulator and even the Tacet interbank network uh the originating banks beneficiaries and so on. Again, why highlight this? Because again what you saw earlier from the tacet side of things and seeing the orchestration through the RSN. Remember how we mentioned Mastercard with MTN and obviously with even Canton, you see how this all flows through an API and even the Swift connector. Um, and again just kind of like what Smoke just mentioned earlier about delivery versus payment DVP, you do have cross network DVP settlement with the high level design and again right here is where says the tokenized assets. So think about how that would come uh through basically whether it's through Mastercard etc etc. Uh the last part I want to jump into

34:35 basically is uh this right here. Excuse me. And it's just playing one last little bit of this video. Let's share that and then we'll wrap it up with some closing comments from smoke. Here we go. >> Fact that we do need uh central bank money in there as as a way to settle and you know that it's on the same platform with all of these other assets. So, it's such an efficient settlement vehicle that you need commercial bank money on there so that you can then um complete that settlement within all of those other um with in all of those other FIS. >> All right, Smokes. So, you just heard him say, the guy from Deote, you need central bank money. You need commercial bank money. Uh let's come back into the frame for a second. So, you know, the way I look at it, my friend, is like if you think about it, Ripple,

35:22 Quant, and Hideera, what are they doing right now? They're they're literally still working on the digital euro and so many references to the bank for international settlements, the central bank and central banks. But this is not just concepts. Literally go to the video which we just showed everybody and boom, right there you see plain as day. We need central bank money. We need commercial bank money. And then again we we have shared how many times in in documents and so on or videos or collaborations all of the relevant uh evidence if you will that points to Ripple Hideera seller your quants etc etc ISO related assets. Want to get some of your closing thoughts based off of that because you did mention obviously Deote earlier. Take it away. I definitely agree with those sentiments and I would even add with that um that

36:08 video that you were just showing me that this a partnership that is extremely underrated and not really mentioned as often and when we discuss the concept of derivatives in the DTCC is the ISDA which is a Ripple partner as well and in simple terms um Ripple and ISDA are directly working together to tokenize quadrillions of dollars of derivatives and that's something that happened a few years ago but when we look at just direct integration are direct open you know verbal partnerships between Ripple and the DTCC that's not necessarily needed as Ripple and ISDA which tokenizes derivatives as well when we discuss the potential and the possibility of the XRPL getting a slice of the quadrillion dollar pie that is the derivatives market that implementation integration is already done through the ISDA so there is

36:53 currently um Ripple and DTCC connections um direct and indirect however there is clear um implementations for the XRPL for the derivatives market through major players such as the ISDA which is just as relevant relevant as the DTCC. So when we think of where these blockchain networks are being implemented and integrated they're all being integrated in in several different manners regarding utility if they're utility token. However, when we look at just the networks that are built for scalability, built for um atomic settlement, built for uh supreme interoperability, these are the aspects that smart money that institutional investors at banks, the people who move all the value in the world. These are the aspects of the technology that they're looking at that they're investing into and that they're researching when they're planning on live commercial deployments of this

37:38 technology as opposed to proof of concepts and private um transaction exchanges. Privacy is again a very important um aspect of the technology and that's going to become a more serious conversation as time goes on which is why we see rallies in privacy networks like Monero and Zcash and soon Canon network but um the future may not be as clear for privacy based networks like Monero and Zcash. while we see um networks like Canon be accepted in traditional finance in the niche way that privacy networks and tokens are required but on the public manner we see plenty of um headlines and integrations with Quant Hideera Stellar regarding public blockchain integrations and pushing these crypto assets into the mainstream. So I would say that's the big takeaway from this conversation is to understand that the name of the game

38:23 is no longer competition. It's more so collaboration but also being truthful and honest and looking at the data as we just seen that the use of private blockchain networks is significantly decreasing as recent as 2025 while the use case the usage of public blockchain networks is increasing as recent as 2025 in that same data. So you should be honest on your investment be honest on what networks you're investing into and also being uh realistic on what will be the true value drivers of um the networks of the tokens of those networks. >> Absolutely. Hey, thank you so much, Smoke. Great insights as usual. We always have an insightful conversation about some of these things, bringing people education, showing them the receipts as the saying goes and so on. Hey, something I want to do for you, sir, and that is highlight basically your ex. I just feel it's the right thing to do. I don't do it all the time, right? Maybe I should get more in a little habit of doing it. Here's his ex.

39:10 And again, some of you guys are kind of making the jump from YouTube to X, so do it, right? You know, it's they call it crypto X for a reason, right? They used to call it crypto Twitter. So, here's his ex. He's always consistently posting the alpha, posting the receipts. He says, "Don't forget Harvard cited Visa's digital fiat currency settlement patent as an example of a blockchain based system that utilizes XRP and XLM. And while there's nothing wrong with sharing articles and so on, one thing I love about Smoke is he consistently postes actual real documents and that's what counts. People want to see some of that stuff. So check that out. He posted that seven hours ago. And again, also he has basically what is referred to as the uh the smoke room. He has a school. This is some of his more premium extended alpha if that's your thing. As you guys know, I do a Patreon. He does a, you know, a school. Check it out if that's something

39:56 that you want to be part of. He has that. And again, um, Smoke, thank you so much for being here, man. Uh, I guess I'll just give you the the last uh, you know, closing statement uh, for our viewers and listeners today. >> Again, always great to be with you, Max. We I agree. We always have great insightful conversations and I do you know want to continue to give um you Desessie your kudos and you know other creators that you work with regarding just research based um content. I do believe one day I'm extremely optimistic that this content will re supreme and that we will um no longer rely on theories and speculation as we're moving into a more sophisticated and professional uh phase regarding crypto adoption. Um there was a lot of speculation that dominated previous crypto cycles. But this institutional extended four-year cycle uh broken uh

40:43 phase that we're entering now requires a high level of maturity and due diligence and research that um I believe we should all equip ourselves with and use utilize all the resources around us including each other when we are um just trying to determine the facts. I think we all have similar and common interests of just investing into the most valuable networks and the most valuable tokens. And um when headlines become fastm moving and just fud or fe fearfilled, there can be a lot of um distractions and attention being taken away from what's important. But I just want to remind you guys that investing into these networks holding, being patient, researching, doing your due diligence is the best way to set yourself up for exponential gains. And I'm sure that's in the interest of all viewers of this video and this information just brings you closer to that uh reality of experiencing exponential gains because you have the foresight and conviction to

41:28 invest into these assets. Absolutely. Hey guys, thank you so much for tuning in. Again, give Smoke a follow if you haven't done so already. If you listen to the entire outline, it just gives us great feedback. Type in this key phrase into the comments and that is research over fluff because let's face it, let's be honest, there's a lot of that out there. Smoking myself as well as those that we're network with. We bring you real research. So, we won't keep you any bit further. Singos have no way you hold it. The research trumps FUD 110%. May the Lord bless you all. We'll see you guys on the next one. Over and out. >> We'll be right back. >> I have many friends that are earning every single day trading futures on BTCC. It's a simple process. And even if you don't want to learn how to trade, you could follow a trader on the site and let him do the trading for you. And

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